Markets tumbled steeply in the last half-an-hour of the trade after the news of the financial scam involving some big names surfaced. Banking and realty sector were the worst hit and both took a decline of around 3%. Other sectors also closed in the red and FMCG was the only one that managed to remain in the green. The Sensex closed at 19459, down 231 points from its previous close, and Nifty closed at 5865, down 69 points.

In a latest development it is reported that the CEO of LIC Housing Finance is being arrested by CBI in a financial scam. Central Bank of India is also under scanner. The report has brought the markets down by around 1.25%.

The downtrend in the market is to continue in the short term with the Nifty having crucial support at 5825, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. On the upside he sees resistance at 6025-6050 and then at 6225 which he believes needs to be crossed for the bullish uptrend to continue. His long-term outlook is, however, positive.

The key level on the Nifty is 5960 and we need to stay above this for an upside, says Rahul Mohinder, technical analyst, on CNBC TV18. There is resistance at 6070 and only when we go past this then will I be convinced that there is an uptrend in the medium to long term, he adds. He sees important support at 5820 and expects the market to remain in the range of 5820 and 6070.